Offering the Right Salary and Benefits — The Employer’s Version of Keeping Up With the Joneses

It’s no secret that today’s job market is tough. What’s less well known, though, is that it can be just as tough on you, the employer looking to fill a spot. Sure, you’re getting dozens, hundreds or thousands of resumes flowing into your email for the few — or one — positions you have available, but this means it takes more work trying to find the perfect candidate. You also have to make sure that you’re offering the right salary and benefits package to help retain the ideal candidate. No matter what the job market looks like, an employee who doesn’t feel appreciated will look elsewhere for work and, if he’s as good as you think he is, he’ll find what he’s after.

Salary and benefits are a major concern for people in the job market today. They need enough of a salary to support their living conditions, including benefits packages, perks and other features.

Salary is bound to come up during the interview; typically, you’re the first to bring it up. While you and your company have decided on what salary to offer the new candidate, you’re doing yourself a disservice if you don’t research what the market rate is and what similar companies are offering as far as benefits and perks.

Slow down and do some research! Market rates for individual positions vary, sometimes from region to region. The national median salary is a good place to start. Another place to look is your favorite search engine. Type in the title you’re hiring for followed by “market rate salary” and see what comes up.

Another place to look is at your competitors. Searching for your company’s industry or the specific job title in well-known job boards will return results that allow you to see what other companies are offering in their job postings.

Some of the benefits that can make your offer more enticing include, but aren’t limited to:

Flex time

Paid time off

Generous vacation time

Wellness perks

○ gym memberships

○ wellness contests with prizes

Telecommuting options for positions where this makes sense

Cell phone and Internet reimbursement for employees who consistently use these services and pay for them

Per diem pay

Upgraded travel accommodations

In today’s job market, it makes sense to know what everyone else is offering to make sure that when you find the best employee you can keep her.